A look back at Dayton’s 2017 real estate market shows a lot of positive trends as we roll the calendar over into a new year. In 2017, the markets were hot and prices were up. If you are wondering what this might mean for 2018, here is what the real estate professionals are saying about the coming year.
1. Local demand will continue: All signs are pointing to another strong year for Dayton real estate. The beginning of 2017 showed local markets as some of the “healthiest” in the state, and in some cases, the whole country. The hottest areas in the Miami Valley have been Beavercreek, Kettering, and Centerville and Washington Township. With a large generation of millennials entering the market, the rise in demand shows no signs of stopping.
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2. Housing prices will continue to rise: Prices increased by more than six percent in 2017, and on average, homes sold very close to asking price. Both are trends expected to continue into 2018. “Home prices are on the rise,” says Ron Sweeney, managing partner of Coldwell Banker Heritage. “I project that to go up three-to-five percent next year.” The strong seller’s market should continue to roll on into 2018 and beyond. That means the price you can get for your house is likely to be the highest in years.
3. Market inventory to slowly improve: Early 2018 is anticipated to be another low-inventory time, but this trend should start to balance out in the later months. “We see inventory rising a bit towards the end of the year,” Sweeney predicts, “It will be a little better in 2019 and 2020.” For buyers, this means that there might be a few more choices out there to meet the high demand. Sellers likely will have more options of where to move when they put their houses on the market.
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4. More first-time homebuyers: The past year has also shown a large increase in both the numbers of apartments and the rent that is being charged for them. This trend is likely to turn renters into buyers over the next year. Homes are very important in what they can offer a younger generation: safety, security, and investment. As the economy improves and millennials are seeking greater financial security, young people entering the market will continue to keep demand high.
5. The time to sell is here: One of the big things that kept people from selling their homes in 2017 was the lack of options to move into. Trends are suggesting that this inventory shortage will start to improve. Combine this with steady demand, and all the signs point to a great opportunity to sell in 2018. As prices continue to rise, it might be the perfect time to take advantage and put your house on the market.
If you are thinking about buying or selling in the coming year, make sure to reach out to the professionals at Coldwell Banker Heritage, who are there to answer all your questions and help you navigate the hot 2018 market. It definitely looks like this coming year could be even better than this one for Dayton real estate.